dYdX (DYDX), which gained nearly 20 percent during the day, will soon realize a $600 million token unlock.
DYDX, a well-known name in the sector, was also involved in the recent rise of the crypto market. DYDX, the native token of decentralized crypto platform dYdX, surged nearly 20 percent during the day. The rise of DYDX was inspired by the project’s announcement of a layer-1 blockchain based on Cosmos.
DYDX growth may slow down with imminent token unlocking. According to TokenUnlock data, DYDX will have a massive token unlocking in 16 days, with the market cap already reaching $750 million. DYDX price is in a dangerous situation.
The rise may be short-lived: massive token unlock for dYdX is approaching!
Decentralized crypto platform dYdX (DYDX) became a hot topic with a 20 percent surge during the day. DYDX, which has crossed the $4 level, is facing a big threat.
dYdX, which came out with its blockchain initiative, ensured positive pricing of its native token DYDX. The project token managed to reach a market value of $750 million in a short period of time.
The increase in the price of DYDX was associated with the transformation of the project, which previously functioned only as a decentralized exchange, into a layer-1 blockchain based on Cosmos.
Over the past 30 days, Ether developers have been seen migrating to dYdX’s new network. Due to this the price of DYDX doubled. However, as dYdX benefits developers and improves its ecosystem, a turning point is coming.
According to data provided by TokenUnlock, 152.16 million DYDX will be unlocked after two weeks. These tokens with an estimated value of $600 million will be put into circulation. It is planned that 400 million DYDX will be in circulation after unlocking. In this case, DYDX would reach a market cap of $1.6 billion without experiencing any price growth.
Popular crypto project dYdX postponed its token unlocking, which was scheduled to take place on January 1, 2023, to December. Although it is not known if there will be another postponement, it is said that the price of DYDX may decrease if the expected unlocking occurs.
Following the $600 million unlock, millions of dollars of DYDX will be distributed to early investors, project developers, and upcoming startups.